后股权分置时期股权结构与公司业绩的实证分析

股权结构是公司所有权的结构安排，决定着公司治理的有效性，进而影响公司业绩。股权分置改革之后给上市公司带来最显著的改变就是股权结构的变化。文章选取最先股改237 家上市公司作为研究对象，分别以股权的属性与股权集中度对公司业绩的影响进行实证分析。结果表明:国有股持股比例与上市公司业绩显著负相关，法人股比例与上市公司业绩虽然正相关，却不显著；流通股持股比例与公司业绩没有显著关系；股权集中度与公司业绩显著正相关。

An Empirical Analysis of Relationship between Ownership Structure and Firm Performance after Split-share Reform

Ownership structure is the arrangement of corporate authority.It determines the efficiency of corporate governance,and further affects corporate performance.The ownership structure was changed after the split-share reform.This paper is a study on the relationship between the ownership and performance of 237 listed companies who finished reform first.It was found that firms' performance is negatively correlated with the proportion of state-owned shares,negatively correlated with the proportion of individual ...